Word: niarchoses
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In this kind of betting on the future, no one has done better than Niarchos. Except for 1954, when six of his ships were laid up for five months, his tankers have hauled all the oil they could load, often at fancy prices. Shuttling between long-and short-term contracts...
"Flags of Convenience." Niarchos is able to haul oil cheaper than U.S. producers can in their own tankers and pile up fabulous profits because, like most independents, he whittles operating costs to the bone, runs all but a few of his ships under "flags of convenience." Registered by mail order...
For these and other reasons, Niarchos is distrusted by oldtime shipowners, sneered at as an "uptown boy," i.e., a landlubber who doesn't know his fantail from a fo'c'sle. Though he seldom sets foot aboard a tanker, Niarchos retorts angrily that he is far more...
Lowest of the Low. Niarchos has a rare faculty for expanding his fleet "when shipyards are hungry." In 1949, when British yards were hungry ($120 a ton), he ordered ten tankers; when British berths filled up, Niarchos fed the German, Dutch and Swedish yards, later moved on to hungry Japan...
While prewar Greek ships were sorrylooking rustbuckets, Niarchos has turned out some of the handsomest merchantmen afloat. To get top seamen, Niarchos pays his Italian, Greek, German and British crews more than they would earn under their own national flags (but less than one-third of the U.S. scale), equips...